Quiz Ch3 - Chapter 3 Quiz True/False Indicate whether the...

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Chapter 3 Quiz True/False Indicate whether the statement is true or false. ____ 1. The domestic production activities deduction is limited to corporations. ____ 2. The DPAD is limited by 50% of the total W-2 wages paid by a taxpayer. ____ 3. DPAD for 2010 is 9% of the greater of QPAI or TI, but not to exceed the W-2 wages limitation. ____ 4. A company with a NOL carryforward for a tax year is ineligible for the DPAD if the carryforward eliminates current income. ____ 5. Green Company, a U.S. corporation based in Arkansas, manufactures and sells a product which includes some components made in Mexico. All of Green’s income from sales might constitute DPGR. ____ 6. Once a small corporation for AMT purposes, always a small corporation. ____ 7. NOLs are negative adjustments. ____ 8. The ACE adjustment cannot be negative. ____ 9. Reasonable needs for purposes of the accumulated earnings tax include loans to shareholders. Multiple Choice
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Quiz Ch3 - Chapter 3 Quiz True/False Indicate whether the...

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